Thune's office told crypto leaders he will file cloture before recess, setting up a September Senate vote. Stablecoin yield remains the sticking point, with banks lobbying Republicans to change language.
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The CLARITY Act will not pass before the August recess, but Senate Majority Leader John Thune’s office has told crypto industry leaders he still intends to file cloture on the motion to proceed before lawmakers leave Washington, according to multiple sources cited by journalist Eleanor Terrett.
That filing would set up a procedural vote for September. It is not a done deal. The cloture petition itself requires 16 senators to sign on. The eventual vote to end debate needs 60 votes – a high bar that Republicans have not yet cleared.
Thune’s commitment buys time for negotiations, but it does not resolve the outstanding issue that has stalled the bill: stablecoin yield. The topic resurfaced after Wall Street Journal opinion pieces and a lobbying push by small, state-based banks. Senator Mike Rounds told reporters that bankers hold an advantage because senators personally know many of them.
Journalist Brendan Pedersen reported that the delay has created a Republican problem, not just a procedural one. Senators Cynthia Lummis and Bernie Moreno became co-sponsors of the Credit Card Competition Act, a sign of their anger at the banking industry over its role in splitting Republicans on CLARITY.
The White House has not responded to the bipartisan ethics proposal, but the urgency has eased with the September timeline.
Coinbase CEO Brian Armstrong called the delay disappointing but welcomed Thune’s commitment to return the bill in September. “We’ve already spent a year negotiating this,” he said. “Congress needs to finish the process.”
Faryar Shirzad, Coinbase’s chief policy officer, said regulators under the Trump administration are using existing authority to provide clearer rules, while governments and financial institutions outside the U.S. continue moving ahead without waiting on Congress.
Senator Cynthia Lummis echoed the same message. “We’ve come too far to quit,” she said. “The fight is far from over.”
September is the next deadline. The Senate has only 14 session days that month before the October recess and the midterm campaign period begins.
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